U.S. New Home Sales Fell Ahead of Fed Rate Cut
By Joshua Kirby
Sales of new single-family homes fell back in August as markets waited for September's cut to interest rates. Here are the main takeaways from the Commerce Department report released Wednesday:
--New-home sales fell 4.7% in August compared with July, reaching 716,000.
--Sales had been expected to fall to 700,000, according to economists surveyed by The Wall Street Journal.
--Monthly new home sales data are volatile and often revised. Data for August came with a margin of error of 10.6%.
--Despite the monthly decline, sales were 9.8% higher than in August 2023.
--The estimate for new houses for sale was 467,000, representing a supply of 7.8 months at current sales rates.
--Lower sales come amid record-high rises in home prices, according to recent data.
Write to Joshua Kirby at joshua.kirby@wsj.com; @joshualeokirby
(END) Dow Jones Newswires
September 25, 2024 10:26 ET (14:26 GMT)
Copyright (c) 2024 Dow Jones & Company, Inc.-
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